Toast, Inc. (NYSE:TOST) Forecasted to Post Q3 2023 Earnings of ($0.09) Per Share

Posted by on Aug 14th, 2023

Toast, Inc. (NYSE:TOST – Free Report) – Equities research analysts at William Blair boosted their Q3 2023 earnings per share estimates for shares of Toast in a report released on Wednesday, August 9th. William Blair analyst S. Sheldon now anticipates that the company will post earnings per share of ($0.09) for the quarter, up from their prior estimate of ($0.11). The consensus estimate for Toast’s current full-year earnings is ($0.56) per share. William Blair also issued estimates for Toast’s Q4 2023 earnings at ($0.11) EPS, FY2023 earnings at ($0.54) EPS, FY2024 earnings at ($0.39) EPS and FY2025 earnings at ($0.35) EPS.

Toast (NYSE:TOST – Get Free Report) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.05). The business had revenue of $978.00 million for the quarter, compared to analyst estimates of $943.06 million. Toast had a negative return on equity of 34.23% and a negative net margin of 11.33%. The business’s revenue was up 44.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.11) earnings per share.

A number of other equities research analysts have also recently issued reports on TOST. Needham & Company LLC raised their target price on Toast from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Bank of America assumed coverage on shares of Toast in a research note on Thursday, June 1st. They issued a “buy” rating on the stock. Jefferies Financial Group began coverage on Toast in a report on Tuesday, July 11th. They issued a “buy” rating and a $28.00 target price on the stock. Stephens raised their price target on Toast from $22.00 to $25.00 in a report on Wednesday, August 9th. Finally, The Goldman Sachs Group boosted their price objective on shares of Toast from $23.50 to $26.00 and gave the company a “neutral” rating in a research report on Thursday. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.53.

Check Out Our Latest Stock Analysis on TOST

Toast Trading Up 5.9 %

NYSE:TOST opened at $24.11 on Monday. Toast has a twelve month low of $15.77 and a twelve month high of $27.00. The company has a market capitalization of $12.79 billion, a P/E ratio of -33.03 and a beta of 1.73. The firm has a 50-day moving average price of $22.48 and a two-hundred day moving average price of $20.47.

Insider Buying and Selling at Toast

In other news, COO Aman Narang sold 2,356 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $22.20, for a total value of $52,303.20. Following the sale, the chief operating officer now owns 1,619,169 shares of the company’s stock, valued at $35,945,551.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Bessemer Venture Partners Ix L sold 500,000 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $20.93, for a total value of $10,465,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Aman Narang sold 2,356 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $22.20, for a total value of $52,303.20. Following the sale, the chief operating officer now owns 1,619,169 shares of the company’s stock, valued at $35,945,551.80. The disclosure for this sale can be found here. Insiders have sold 2,832,044 shares of company stock worth $61,996,196 over the last three months. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Toast

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates lifted its stake in Toast by 115.4% in the 1st quarter. Raymond James & Associates now owns 24,946 shares of the company’s stock worth $542,000 after purchasing an additional 13,364 shares in the last quarter. HighTower Advisors LLC lifted its holdings in Toast by 78.2% during the 1st quarter. HighTower Advisors LLC now owns 28,356 shares of the company’s stock worth $616,000 after buying an additional 12,446 shares during the last quarter. Citigroup Inc. acquired a new position in shares of Toast during the 1st quarter worth $438,000. Ergoteles LLC purchased a new position in shares of Toast during the 1st quarter worth about $2,427,000. Finally, First Trust Advisors LP acquired a new stake in shares of Toast in the first quarter valued at about $33,356,000. Hedge funds and other institutional investors own 57.12% of the company’s stock.

About Toast

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Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast POS, a software module that integrates payment processing with point of sale functionality; Toast Invoicing that allows restaurants to send invoices and collect payment; Toast Mobile Order & Pay, which allows guests to scan a QR code to browse the menu, order, and pay from mobile; Kitchen Display System software that connects the house with the kitchen staff; and Multi-Location Management, a tool to manage operations and configure menus across multiple locations and channels.

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